Published on 19 February 2013 [
manilatimes.net ]
Written by Madelaine B. Miraflor
Mall operator
SM Prime Holdings Inc. (SM Prime) will be pursuing its aggressive expansion
plans by putting up two additional malls in 2013 and ending the year with a
total of 48 malls in the Philippines.
“We are very
pleased to end 2012 with excellent results. We are confident that the
Philippine growth story, which we saw unfold last year will continue in 2013.
In line with this, we will proceed with our aggressive expansion plans and
continue to pursue new opportunities for growth,” SM Prime President Hans Sy
said.
For 2013, SM
Prime is scheduled to open SM Aura Premier in Taguig City and SM Cauayan in
Isabela, while SM Megamall in Ortigas will be expanded with the construction of
Building D.
By the end of
this year, SM Prime will have 48 malls in the Philippines and five in China
with an estimated combined GFA of 6.7 million square meters.
SM Prime
ended 2012 with a 16-percent growth in its net income, realizing P10.53 billion
on the back of the recently launched SM Supermalls across the country.
According to
SM, it exceeded its 2012 profit growth target for a second straight year. The
company earned P9.1 billion in 2011.
SM Prime’s
total revenues for the year also rose by 14 percent to P30.73 billion.
SM Prime said
that its better-than-expected performance was largely due to rentals from new
SM Supermalls launched in 2011 and 2012 coupled with a robust same-store rental
growth of 8 percent.
Moreover, SM
Prime’s shopping malls in China continued to perform well, with net income
amounting to P1.10 billion in 2012, a 24-percent increase from the P890 million
posted in 2011.
For full year
2012, SM Prime’s consolidated rental revenues contributed 84 percent to the
total, and grew by 14 percent to P25.90 billion. The company’s new rental space
came from SM City Olongapo, SM City Consolacion, SM City San Fernando, SM City
General Santos, SM City Lanang, and SM Chongqing.
Operating
expenses for full year 2012 increased by 14 percent, to P13.99 billion, largely
from expenses related to mall expansion, while income from operations posted a
14-percent growth from P14.62 billion in 2011 to P16.73 billion in 2012.
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